the last time the country reached the debt ceiling, obama was thinking about what will be prioritized next time. >> if congressional republicans refuse to pay america's bills on times, social security checks and veterans benefits will be delayed. we might not be able to pay our troops or honor our contracts with small business owners. food inspectors, air traffic controllers, specialists who track down loose nuclear material wouldn't get paychecks. investors will ask if united states is america is a in fact a safe bet. >> reporter: they launched a new term by focusing on the issue likely to dominate the second term. >> shep: what are we hearing from republicans on this? >> republicans are looking at a fiscal perfect storm in march, avoid the fiscal cliff and renew funding for most government programs. john hoern boehner said the consequences of failing to increase the debt ceiling are real but so, too, the consequences of allowing our spending programs to go unresolved. congressman mike lee the latter problem could eclipse the first. >> we're going to face another credit rating downgr